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Coinbase roundup
“Meeting with Gary Gensler was frankly a pretty icy reception, I would say. We came in hat in hand and said, 'Hey, Chair Gensler, you've asked people to come in and register. Respectfully, we're here to register. What would you like us to do? What process would you like us to go through?' And his response was, 'Talk to your lawyer. I'm not here to advise you,’”
— Brian Armstrong, Coinbase CEO.
Coinbase has no plans of delisting any tokens or shutting down its staking service
- "No delisting. We're going to continue to operate business as usual, and those assets are going to continue to trade until the court makes a determination.” - Axios
- “We're not going to wind down our staking service. Again, as these court cases play out, it's really business as usual.” - Coindesk
The case has the potential to go to the Supreme Court, or at least a Court of Appeals, given the large war chests Binance and Coinbase have to appeal any potential losses.
Potential scenarios, in order of likelihood:
- Settlement + fine, few changes to crypto in the U.S.: that is the most likely scenario, as we imagine that the government doesn't want to drive these platforms out of the U.S. completely, and therefore is open to a deal.
- Platforms lose their cases and leave the U.S.
- Platforms mostly win their cases, and new pro-crypto rules are implemented.
- Platforms get shut down entirely.
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